A Staffordshire company which has developed unique business intelligence software has received investment from an £18 million fund backed by public and private investors.
Connexica Holdings, based in Stafford, has attracted an investment of £250,000 from the Exceed Midlands Advantage Fund, which is managed by Birmingham-based venture capital firm Midven.
The fund is backed by money from Lloyds TSB Development Capital, Advantage West Midlands and the European Regional Development Fund.
The investment is a result of Connexica’s development of a business intelligence tool called NetSearch that allows users to index, enquire, analyse and present large volumes of corporate data very quickly.
NetSearch has been used as part of the NHS Flu Line project to allow instant searches of over 1.8 billion records as well as other health organisations such as PCTs, NHS Trusts, Hospital Trusts, and the Department of Health.
Companies in the retail sector are also using the software to analyse levels of fraud, customer behaviour and performance.
Richard Lewis, managing director of Connexica, said NetSearch’s speed, ease of use and flexibility set it apart from its competitors.
He said:“It is also less expensive than comparable business intelligence software and has a wider range of capabilities.
“These include the ability to search and analyse both structured data (existing databases) and unstructured data (documents saved on the network) concurrently, presenting the results in a single data view.”
“The application also provides a simple dash board view for non-technical users or senior management who require fast access,” he said.
Surjit Kooner, investment director of Midven’s Exceed Midlands Advantage Fund, said he was pleased to be working with a local company with great potential.
“The Midlands has developed a strong core of high-tech businesses such as Connexica, and Midven is keen to be involved in expanding this sector.
“We look for innovative high-growth companies to invest in, and Connexica is a great example,” he said.
Connexica, established in 2006, currently employs ten members of staff and will use the funding to grow the team and develop a sales and marketing strategy.
It was formed in 2006 as a spin out from Ardentia, a company that provides business intelligence software to the NHS. Midven’s Exceed Midlands Advantage Fund can invest up to £750,000 in a range of sectors to support expansion and development.
Launched in March this year, the fund’s first investment was £263,000, made in budget public relations company pr2go.
Midven has a track record as a West Midlands-based commercial fund manager and manages five funds representing £61 million under management.